JPMorgan Chase CEO Jamie Dimon said Wednesday he sees the U.S. economy likely headed to recession as President Donald Trump’s tariffs roil financial markets.

With the trade war between the U.S. and China intensifying, stocks and bonds sold off aggressively again in morning trade. Stock market futures slumped and bond yields spiked amid concerns over financial and economic stability brought on by the tit-for-tat exchange between the two nations.

“I think probably that’s a likely outcome, because markets, I mean, when you see a 2000-point decline [in the Dow Jones Industrial Average], it sort of feeds on itself, doesn’t it,” Dimon said on Fox Business’ “Mornings With Maria” show. “It makes you feel like you’re losing money in your 401(k), you’re losing money in your pension. You’ve got to cut back.”

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